The Five Year Plans were a series of national economic development plans implemented by the Indian government to promote industrialization and economic growth. The objectives of the Five Year Plans in India were to promote economic growth, social welfare, poverty reduction, regional balance, and self-reliance in a planned and systematic manner. The specific objectives of each Five Year Plan varied, but some common objectives were:
- Growth of the economy
- Economic equity and social justice
- Full employment
- Economic self-reliance
- Modernization of the economy
The first eight Five Year Plans in India emphasized growing the public sector with huge investments in heavy and basic industries, but since the launch of the Ninth Five Year Plan in 1997, attention has shifted towards making the government a growth facilitator. The Twelfth Five Year Plan (2012-2017) aimed to attain an 8.2% growth rate and focused on Indias rapid and sustained economic development. The plan also aimed to enable 90% of households to access financial services. Over the years, the Five Year Plans helped India achieve significant progress in various sectors, such as agriculture, education, healthcare, and infrastructure.
